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(K2) Outlook Remains Bullish

SOY TECHS
  • RES 4: $1821.25 - 1.00 proj of the Jan 18 - Feb 10 - 15 price swing
  • RES 3: $1800.00 - Round number resistance
  • RES 2: $1789.00 - High Sep 2012 (cont)
  • RES 1: $1759.25 - High Feb 24 and bull trigger
  • PRICE: $1672.50 @ 13:03 BST Apr 12
  • SUP 1: $1576.75 - Low Apr 5
  • SUP 2: $1546.25 - Low Feb 15 and key support
  • SUP 3: $1390.25 - Low Jan 24
  • SUP 4: $1359.50 - Low Jan 18

The primary trend in Soybean futures remains up and the recent recovery from $1576.75, Apr 4 low is a positive development. The contract however needs to clear resistance at $1759.25, Feb 24 high, to confirm a resumption of the uptrend and mark the end of the current corrective cycle. This would open the 1800.00 level. Weakness below $1576.75, would instead highlight a bearish threat.

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